Budapest, 29 September 2025 – “Artificial intelligence is opening up new opportunities in the global economy, influencing the labour market, investment decisions and productivity prospects,” said Governor Mihály Varga in his presentation at the AI Workshop organised by the Magyar Nemzeti Bank. He highlighted that the MNB was using artificial intelligence in its everyday practices, increasing the efficiency of preparing analyses in conjunction with safe use.
Governor Varga pointed out that the global economy was on the verge of a transformation defined by both cyclical and structural factors. This meant that the economic environment was changing quickly and extensively, accompanied by transformation in the internal workings of institutions as well. In relation to this, the spread of AI could result in a significant growth surplus for those who are able to effectively integrate this technology into their operations. Governor Varga warned that falling behind in this area represented a significant risk for the European Union, as most AI developments and investments were linked to the United States and Asia.
Governor Varga highlighted that the spread of artificial intelligence in the coming decade may generate an economic advantage that is measurable in percentage points. Therefore, if we failed to take steps in time, Europe could become a sideline observer in the AI revolution. Assessing its effects on the labour market, he emphasised that, based on forecasts, AI may affect 25% of jobs in some way by 2030. At the same time, it needed be emphasised that AI did not first and foremost replace entire jobs but took over partial tasks. As such, the process represented a structural transformation and not the disappearance of workplaces.
According to Governor Varga, based on takeaways from previous technological revolutions, new solutions did not reduce demand for workforce, but rather triggered a shift, resulting in greater demand for jobs requiring complex knowledge and human connections. He noted that state and market actors cooperating and leading by example may effectively help place Hungary at the forefront of the use of artificial intelligence.
Magyar Nemzeti Bank